UK electricity regulator Ofgem has given the green light to £64 million (€74.5 million) in funding requests by electricity distribution network companies.
The regulator has consulted on 12 applications for additional funding by distribution network under the RIIO-ED1 price control and has approved £45 million in funding for street works by Electricity North West, Northern Powergrid, Scottish Power Energy Networks, UK Power Networks and Western Power Distribution.
The regulator has also approved £16 million in additional funding to Scottish and Southern Energy Networks (SSEN) for diversions needed to ensure the electrification of the Great Western Railway line and £3 million has been allocated to Northern Powergrid to invest in physical site security upgrades.
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Ofgem has also refused around £258 million for projects that it considers provide poor value for money, or are unjustified, including £67 million in other street works funding requests, a £30 million cabling replacement request for Pentland Firth East, and £70 million for cable repairs sought by Scottish Power Energy Networks.
Dermot Nolan, CEO of Ofgem told news outlets that the regulator must work to facilitate the country’s decarbonisation.
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